BUCHAREST-The Romanian commercial property sector has launched the Romanian Association of Building Owners and affiliated with the Brussels-based European Property Federation, which groups a number of real estate associations around Europe.

With Romanian property services representing nearly 10% of GDP, RABO aims to foster, “a sound, transparent and stable economic and legislative framework, governed by EU-level norms and standards, for local and foreign property owners active on the Romanian market.” Its policy agenda includes a strategic vision for developing a harmonized EU property market, combined with practical solutions to speed up market recovery.

“Romania…has welcomed a large foreign investment inflow over the past 10 years, brought in part by the large multinationals seeking strategic regional headquarters,” said Liviu Tudor, founder and president of RABO at the launch event in Brussels. This had fueled the economy, increased employment and generated a wide development in commercial property, attracting local and international institutional investors. “To foster sustainable development for the sector and acting within the larger European context, RABO sees the need for a strategic shift in thinking and approach related to a harmonized EU-level property market and thus alignment in terms of legislation, policies, measures and standards.” 

The EPF represents owners, investors and developers of real estate valued at over $1.6 trillion. Its president, John R. Frederiksen, commented: “We are particularly pleased to now represent the real estate industry in Romania, the seventh largest EU member state, with a property market that is attracting some of our most important companies.”

Allan Saunderson is a managing editor of Property Investor Europe and a contributor to GlobeSt.com.